THE RHYTHM AND BLUES OF CURACAO CONTRACT LAW
Principle of fairness and reasonableness
When considered in the perspective of the laws of Curacao, the reliance on or the enforcement of contractual terms and conditions contained in any agreement, may under certain circumstances be contrary to the overriding principle of ‘fairness and reasonableness’ (redelijkheid en billijkheid) which governs the relationship between the parties to an agreement. Prof. Tjittes calls this good faith principle the Rhythm & Blues of our legal system.
Civil law systems such as the Dutch, French, German, or our system, explicitly espouse and apply this principle, whereas common law systems (e.g. English common law) do not …
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SUPERVISORY DIRECTORS OF A CURACAO INSURANCE COMPANY
The Central Bank has issued guidance notes
According to the Curacao Ordinance on the Supervision of the Insurance Business, a Board of Supervisory Directors of an insurance company shall have the task of supervising the policy of the Management Board of such company and the general course of events of the insurance company and the business associated with it. It shall advice the Management Board. In carrying out its duties the Board of Supervisory Directors shall take into account the interests of the insurance company and the business associated with it (Article 16 par 4 Ordinance).
‘The actions and records of …
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INSURANCE BUSINESS IN THE DUTCH CARIBBEAN (II)
Limitations apply to a foreign insurance company
A foreign insurance company, i.e. a company not having its seat in the Netherlands Antilles and not operating through any kind of branch office (including a local representative), is allowed to insure a risk located in the Netherlands Antilles (for instance Curaçao), provided this occurs on an incidental basis (Explanatory Memorandum NOSI, Parliament of the Netherlands Antilles, Session 1987-1988, No. 3, p. 7).
In such cases, no license or registration requirements apply. The point is, however, that it is up to the Central Bank to decide whether this criterion has been met. Unfortunately …
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INSURANCE BUSINESS IN THE DUTCH CARIBBEAN (I)
A license is required
The insurance business in the Netherlands Antilles is regulated by the National Ordinance on the Supervision of the Insurance Business 1990 (Landsverordening toezicht verzekeringswezen, the “NOSI”).
The NOSI divides the insurance business into life insurance and indemnity insurance products. Indemnity insurance products are in turn divided into a number of categories: (i) accident and health insurance; (ii) motor vehicle insurance; (iii) maritime, transport and aviation insurance; (iv) fire insurance and other property insurance; and (v) other indemnity insurance.
Any person or entity wishing to conduct either life insurance or indemnity insurance business in or from the …
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